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D080 FVC1, Version 2 Study Guide Answers
Global Business (ECON 3600)
Western Governors University
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D080/ FVC1, Version 2 Study Guide
Unit 2 Globalization
Module 1: Political, Economic, and Legal Systems (Lesson 1-6)
What is globalization? Is the process of interdependence of economic and cultural activities among nations around the globe. In other words, globalization is the process of promoting trade, investment, information technology, along with cultural and political integration across countries. The intended result is economic growth, increased standards of living as well as geopolitical integration and interdependence among nations of the world.
What business opportunities are presented by globalization?
Business opportunities unsaturated demand for new products, lower labor costs, less expensive natural resources, and other inputs to products. Businesses choose to operate internationally because they can achieve either higher levels of revenue along with a lower cost structure within their operations. Specifically, MNCs look for opportunities to realize economies of scale by mass-producing goods in markets that have substantially cheaper costs for labor or other inputs, or they may look for economies of scope. If successful, both strategies lead to business growth and larger revenues. In areas with strong economic growth, local populations can now afford goods and services that were previously not obtainable, including many products produced in industrialized countries.
- What are the economic, political, and cultural effects of globalization? a) Economic globalization refers to the widespread, international movement of goods, capital, services, technology, and information. It is the increasing economic integration and interdependence of national, regional, and local economies across the world characterized by the cross-border movement of goods, services, technologies, and capital. Economic globalization primarily comprises the globalization of production, finance, markets, technology, organizational regimes, institutions, corporations, and labor. b) Political globalization—appears to reduce the importance of nation-states. Supranational institutions, such as the European Union, the World Trade Organization (WTO), the Group of Eight (G8), and the International Criminal Court, serve to replace or extend national functions to facilitate international agreements such as the Kyoto Accord and the Paris Agreement. The trend is nongovernmental organizations (NGOs) have been influencing public policy across national boundaries, including humanitarian aid and developmental efforts.
c) Cultural globalization has increased cross-cultural contacts, which has decreased the uniqueness of once-isolated communities. On the other hand, the internet, in addition to providing a homogenizing force of spreading English across the globe, enables speakers of various, less prominent languages to connect and build shared content. Critics refer to cultural globalization is a process of homogenization and, more specifically, a process marked by the global domination of American culture at the expense and elimination of other cultures. Various antiglobalization movements have emerged out of people's concern for losing smaller cultures, as they protest globalization and give new momentum to the defense of local uniqueness, individuality, and identity.
What are the arguments for and against globalization? d) Pros: i) an increased pace of development, ii) an increased awareness of an international community, iii) the potential to sell to broader markets and increase wealth, iv) higher degrees of political and economic freedom, v) creates jobs, make companies more competitive and lower prices for consumers. vi) Increased access to information may lead to increased tolerance and encourage openness to the ideas of others. e) Cons: i) benefits the rich at the expense of the poor, ii) some countries gain price advantage through currency manipulation, iii) created a culture of fear in middle-class workers in developed countries, iv) Gini coefficient (measures inequality) and Happy Planet Index (measures how well nation achieve long, happy, sustainable lives) -point to social disintegration, environmental damage and increasing poverty. v) Large international financial and industrial companies can use their power to influence governments at the expense of the local populations.
What are the different forms of international business? Explain each form. a) Businesses (for-profit organizations)— person or organization engaged in commerce to achieve a profit, which is measured in financial and economic terms. However, some level of sustained financial and economic profits is needed for a business to achieve other outcomes that are measured as social or environmental performance. For example, many companies that are for-profit businesses also have social and environmental missions. b) Governmental bodies also have different international forms. Most national governments, for instance, maintain embassies and consulates in foreign countries. National governments also participate in international treaties related to issues such as trade, the environment, or child labor. For example, the NAFTA is an agreement signed by the governments of the United States, Canada, and Mexico to create a trade bloc in North America to reduce or eliminate tariffs among the member countries and to thus
old and new markets and to expand demand. Significantly, the value of new revenues generated in this last stage is often greater than the value of cost savings in the other stages.
- What are the 4 drivers of globalization? Explain
Four drivers of globalization
i) Market – Products and marketing are becoming more standardized due to the convergence of needs, which comes as a result of cultural convergence. ii) Cost – Economies of scale and scope. Economies of scale are realized when the average cost per unit of production decreases as the operation is scaled up. Economies of scope are efficiencies realized through variety rather than volume (root technologies or root raw material used in multiple products). Specialization and standardization lead to economies of scale. iii) Competition – Seeking new markets, high levels of trade, competitive diversity and interdependence increase the potential for industry globalization. iv) Government – trade policies (barriers to trade), technical standards, policies and regulations and state operated or subsidized competitors or customers. Favorable policies and support for MNCs are important factors.
- What is the difference between the world is flat view and the CAGE analysis?
a) Friedman’s world is flat view differentiates Globalization 1, 2 and 3 which references the development of globalization based on transportation, communication and technology. Globalization 1 was controlled by nations dominating the global expansion. Globalization 2 was the increased development of multi-national companies which pushed global expansion. Globalization 3 is where the world is today, it includes the development of software/ technology, communication and transportation. This stage of global development increases the interaction among people globally, creating unlimited potential with many different talents, without geographical boundaries, language or time zones all to create opportunity for billions.
b) CAGE analysis view focuses “barriers to cross-border economic activity”.
i. “C” is for culture differences between two countries that reduce their economic exchange. These differences refer to language, norms, national or ethnic identity, levels of trust, tolerance, respect for entrepreneurship and social networks, or other country-specific qualities.
ii. “A” is for administration and refers to countries with similar laws, regulations, institutions and policies tend to trade with one another versus those that are different. It can also mean that government differences can contribute to a decrease in trade in relation to those that are similar.
iii. “G” is for geography, whereas the closer the country is to another, the more likely they are to trade with. Transportation costs is a major contributor to this portion of the analysis. A geography distance includes time zones, ports to entry, shared borders and climate.
iv. “E” is for economic distance which is the differences in economic and socioeconomic conditions. The GDP is a measure of this function as well as per capita income. This is the most likely the biggest obstacle to cross-border economic activity.
- What are the benefits and costs of global expansion from MNCs’ perspective? a) Benefits—achieve either higher levels of revenue or a lower cost structure within their operations
i) Unsaturated demand for new products
ii) lower labor costs
iii) less expensive natural resources, and other inputs to products
iv) realize economies of scale by mass-producing goods in markets that have substantially cheaper costs for labor or other inputs, or they may look for economies of scope. b) Costs i) Ethical business practices: Arguably the most substantial of the challenges faced by MNCs—ethical business practices in areas such as labor, product safety, environmental stewardship, corruption, and regulatory compliance—has historically played a dramatic role in the success or failure of global players. For example, Nike's brand image was hugely damaged by reports that it used sweatshops and low-wage workers in developing countries. ii) Organizational structure: Another significant hurdle is the ability to efficiently and effectively incorporate new regions into the value chain and corporate structure. In many cases, international expansion requires enormous capital investments, along with the development of a specific strategic business unit (SBU) to manage these accounts and operations. iii) Public relations: Public image and branding are critical components of most businesses. iv) Leadership: It can be difficult for businesses to find an effective organizational leadership having the appropriate knowledge and skills to approach a given geographic market successfully. For every geography, unique sets of strategies and approaches apply to language, culture, business networks, management style, etc. Attracting talented managers with high intercultural competence is a critical step in developing an effective global strategy. v) Legal and regulatory structure: Every nation has unique laws and regulations that govern business. MNCs need access to legal expertise that
a) Traditional Economy—
i) Centered around a family or tribe and guided by tradition
ii) Found in hunt-gatherer and nomadic societies; everyone consumes and produces the same goods.
iii) Relies on bartering
iv) Members produce what they need with no surplus
v) Eventually, the economy evolves to some form of currency vi) Examples include Hati and Bhutan
b) Command Economy—
i) Collective or state ownership of capital—The state owns capital resources such as money, property, and other physical assets. There is no (or very little) private ownership.
ii) The state determines inputs and outputs—It has an elaborate planning mechanism in place that determines the level and proportions of inputs that are to be devoted to producing goods and services. Local planning authorities are handed one-year, five-year, ten-year, or, in the case of China, up to twenty-five–year plans. The local authorities then implement these plans by meeting with state-owned enterprises, where further plans are developed specific to the business. Inputs are allocated according to the plans, and output targets are set.
iii) Labor is allocated according to state plans—In a command planning economy, there is no choice of profession. When a child is in primary school, a streaming system allocates people into designated industries.
iv) Private ownership is not possible—Under a command planning system, an individual cannot own shares, real estate, or any other form of physical or nonphysical asset. The state allocates people's residences.
v) Prices and paying for goods and services—Prices are regulated entirely by the state with little regard for the actual costs of production. Often, a currency does not exist in a command planning economy. When it does, its primary purpose is for accounting. Instead of paying for goods and services when you need to buy them, you are allocated goods and services. This allocation process is often called rationing.
c) Market Economy—
i) It is standard for all goods and services to be privately owned. The owners have the right to buy, sell, or lease their property and make a profit off of their assets. ii) People are free to choose to produce, sell, and purchase goods at the price set with the capital they possess. iii) Every seller seeks to maximize profits. iv) Competition keeps prices low. Pricing follows the laws of supply and demand. Although, monopolies also exist in market economies. v) Market economy relies on an efficient market in which all buyers and sellers have equal access to the same information. vi) Government interference is at the minimum that is necessary to ensure the markets are functioning correctly. Governments will regulate monopolies in most cases. d) Mixed Economies—most economies are mixed to some degree on a spectrum. i) A mixed economy borrows the following characteristics from a market economy: It protects private property, the laws of supply and demand determine prices in a free market, and it is driven by self-interest. A mixed economy, like a command economy, uses the federal government to protect the people and the market as well as oversee the military and international trade and national transportation. ii) The advantages of the mixed economy mirror those of the market economy in that goods and services are distributed where they are most needed. Prices are set by supply and demand, innovation is encouraged, and capital is allocated to the businesses that are the most innovative and efficient. A mixed economy minimizes the disadvantages of a market economy by having a more significant role for government intervention in the market. iii) The disadvantages of the mixed economy may include too much government interference, too much or too little freedom of choice, the government restricting competition, and the country going into debt because of government intervention.
- List different legal systems and differentiate. a) Civil law has its basis in the Roman legal tradition. It is based on a detailed set of laws that constitute a code and focuses on how the law is applied to the facts. The civil law system is an inquisitorial system where the investigating judge investigates the facts of the case. Juries are rarely used. The victim may participate in the trial and have rights. It is the most widespread legal system in the world. Approximately 150 countries have a primarily civil law system. The civil law system is found in most of continental Europe, Central America, and South America.
b) Common Law—is based on traditions and precedence and can be traced to the English monarchy. In common law systems, judges interpret the law, and judicial rulings
a) The IMF's mainly oversees the international monetary system and promotes exchange rate stability by providing financial resources to member countries to meet their balance of payments needs. An example of this use might be if a country needed to pay for a trade deficit or collect money for a trade surplus. To have the necessary funds to provide this service, the IMF collects money from member countries through a quota or subscription system. There are 188 member countries. IMF issues its “currency” in terms of special drawing rights (SDRs). Quoted in terms of US dollars. SDRs are allocated to member nations based on their economic standing. Countries can lend or borrow SDRs to other member nations.
i) IMF conditionality is a set of policies or conditions that the IMF requires in exchange for financial resources. The IMF does not require collateral from countries for loans, but rather requires the government seeking assistance to correct its financial practices that led to debt in the form of policy reform. If the conditions are not met, the funds are withheld. There are four conditions:
Prior actions are actions that a country agrees to before the IMF's executive board approves financing or completes a review. They are intended to verify that the country has a stable financial foundation before qualifying for a loan.
Quantitative performance criteria are specific and measurable conditions that a country must meet to complete a review.
Indicative targets are quantitative targets used to measure a country's progress in meeting the IMF's requirements.
Structural benchmarks are nonquantitative measures such as social safety nets
ii) Criticism of the IMF conditionality of the privatization and deregulation make conditions worse. Structural adjustment programs (SAP) are designed to help in the long-term economically and ensure that loans will be paid back to the IMF. Conditionality is based on the assumption that many countries in dire economic straits are there because of corrupt governments, but in the short term, the citizens pay a heavy price. For example, farmers may be required to pay for healthcare and education when they have never had to in the past and cannot afford to now. Another criticism leveled at the IMF is that the rich countries determine the policies of the IMF and are influenced by large corporations in their countries.
b) The World Bank provides loans for emerging economies to develop further and to rebuild after natural disasters. Low interest loans. Helped rebuild war ravaged Europe after WWII. Promote economic and social progress in developing countries. Improve quality of lives of people.
Two parts of World Bank. International Bank for Reconstruction and Development (IBRD,188 members) and the International Development Association) (72 members)
The World Bank has a AAA rating because its debt instruments are backed by member nations. IBRD loans to other members. IDA loans to the poorest countries in the world
Goal is to end extreme poverty.
Criticism. Power imbalance of the leadership. The leader is always a US citizen. (The leader of the IMF to be a European.)
Conditionality. Loans are issued after completion of prior actions. Mandating structural adjustments is areas that can’t afford it. Criticism of the support for privatization in general and in healthcare specifically. World Bank is criticized for not considering how funding projects will adversely affect the environment.
c) World Trade Organization. The WTO evolved from the GATT in 1995. The WTO's mission is to improve the stability and predictability of global trade. As a result, it tends to support free trade as opposed to protectionist policies. It strongly discourages the use of quotas, tariffs and other barriers to trade. The organization enforces rules and review each government’s trade policies to evaluate for fairness and transparency. Part of the nondiscrimination mandate of the WTO is most-favored-nation (MFN) status, which requires that a WTO member must apply the same terms and conditions to trade with all other WTO members. In other words, if a country grants another country (even a non-WTO member) a special favor, every other WTO member must receive the same benefits. The Uruguay Round reduced tariffs by one third worldwide from 22% in 1947 to 5% in 1994. For the first time, an agreement covers services, intellectual property rights, and trade-related investment measures such as exchange controls.
GATT, General Agreement on Tariffs and Trade (GATT) international tariffs were 70% in 1930, after GATT levels went to 40%. In 1993 the tariff was 3%.
WTO helped negotiate 16 trade agreements between nations. Helped the General Agreement on Trade Services (GATS) reduce barriers to trade in services. GATS requires member nations to treat foreign service companies as they would domestic companies. Another WTO trade agreement is Trade-Related Aspects of Intellectual Property Rights (TRIPS). Intellectual property rights laws.
Doha Round in Qatar in 2001-- Developing nations are pushing for the reduction of farm subsidies in the United States, Europe, and Japan. Emerging countries say that subsidies stimulate overproduction, which drives down global agricultural prices. Because developing nations' primary exports are agricultural commodities, low prices mean that they cannot compete in the global marketplace.
GATT evolved into the WTO.
used to evaluate trade and, more specifically, the equilibrium of trade between two countries that have varying specialties and natural resources.
f. Country Similarity Theory developed in 1961 by Stephang Linder to explain intra- industry trade. This theory proposes that consumers in countries that are in the same or similar stage of development would have similar preferences. Here successful companies will first produce for domestic consumption and then export to markets that look similar to their domestic one, in terms of customer preferences. Furthermore, most trade in manufactured goods tend to be between countries with similar per capita incomes, and intra-industry trade will be standard. This theory is often most useful in understanding trade in goods where brand names and product reputations are important factors in the buyers' decision-making.
g. Global Strategic Rivalry Theory Asserts that firms can obtain a sustainable competitive advantage via barriers to entry for that industry. The barriers to entry refer to the obstacles a new firm may face when trying to enter into an industry or new market. The barriers to entry that corporations may seek to optimize include:
· Research and development
· The ownership of intellectual property rights
· Economies of scale
· Unique business processes or methods as well as extensive experience in the industry and the control of resources or favorable access to raw materials
Lesson 11:
- What are the two mechanisms to increase productivity? Explain.
Technology and trade lead to more products and lower prices. By adding technology to the process or specializing and trading more so you can take advantage of economies of scale and lower opportunity cost.
- What are the criticisms of comparative advantage theory?
The benefits of specialization may be overstated if the transportation costs are not taken into account.
a) There is an increasing opportunity cost with increased specialization as less than ideal conditions or natural resources must be used. For example, the opportunity cost of planting corn on the last acre of a farm may have a higher opportunity cost because the farmer has already used the plots with the best soil and drainage.
b) Unemployment may be higher with complete specialization because it would be difficult for workers to transfer from one role to another.
c) Comparative advantage is not always static and businesses may not recognize that conditions have changed.
d) Technology may allow countries to produce many or even most products using an economy of scale, which makes comparative advantage an obsolete concept.
- What is specialization and what is the impact of it?
a. Specialization leads to increased productivity, which can in turn lead to increased unemployment.
b. Specialization in recent years has been seen a trend called splitting up the value chain. The value chain is the process by which organizations add value, which includes production, marketing and various services.
c. Countries specialize in areas that they are naturally good at and also benefit from increasing returns as they increase the production of these goods. They benefit from economies of scale.
d. Countries can benefit from increased learning. They are more skilled at making the product due to specialization.
Lesson 12:
- Define exporting and importing
a. Exporting - Products that are produced by one country and are sold to another country
b. Importing - Products produced in another country and come into a country.
List and explain types of tariffs.
What is the Voluntary Export Restraint (VER)?
VER – A trade restriction on the quantity of a good that an exporting country is allowed to export in another country. For example, in the 1980s the US government persuaded foreign exporters of automobiles and steel to agree to limit their exports to the United States. A voluntary export restriction works precisely like an ordinary quota. It raises prices for the domestic product and reduces the quantity consumed of the goods or services affected by the quota.
- What are the trade barriers that involves direct government intervention?
a) Government procurement programs—Governments tend to purchase domestically produced goods and services, rather than the lowest cost commodities. Because government procurement often represents a significant portion of a country's GDP, foreign suppliers are at a disadvantage
b) Export subsidies. Domestic producers can sell their commodities in foreign markets below cost, making them more competitive.
c) Countervailing duties, or anti-subsidy duties, are levied on imports to neutralize an export subsidy. If a country discovers that a foreign country subsidizes its exports, and domestic producers are injured as a result, a countervailing duty can be imposed to reduce the export subsidy advantage. Countervailing duties are similar to antidumping duties in that they both bring an imported product's value closer to the normal value.
- How does free international trade impact manufacturing jobs in developed nations? What are the concerns on the use of labor in developing nations caused by trade?
Protectionism aims to save jobs in the specific industries but could lead to dire consequences. First, consumers will be made worse off by having to pay higher prices for products produced by protected industries, thus reducing available income for goods from other industries, which could then lead to jobs being lost in those other industries. Second, if products from protected industries are sold as inputs to other firms this means these firms pay a higher price for a key input to their production. The result is that those firms will pass on the higher production cost to consumers, which means they will lose sales to foreign producers of the final product who do not need to internalize the higher costs. Lost sales translate into lost jobs. The hidden opportunity cost of using protectionism to save jobs in one industry is jobs sacrificed in other industries. Therefore, protectionism may serve to reshuffle jobs from industries without import protections to industries that are protected from imports. The total effect is that more jobs are not created, if anything jobs will be lost.
Even if trade does not reduce the number of jobs, it could affect wages. Here, it is important to separate the average level of wages from whether the wages of certain workers may be helped or hurt by trade.
Increasing trade may lead to jobs being shifted away from industries where that economy does not have a comparative advantage and toward industries where it does have a comparative advantage. Global trade should raise the average level of wages by increasing productivity. However, this increase in average wages may include both gains to workers in certain jobs and industries and losses to others.
Workers in many low-income countries around the world work under conditions that would be illegal for a worker in the United States. Workers in countries such as China, Thailand, Brazil, South Africa, and Poland are often paid less than the United States’ minimum wage. Moreover, working conditions in low- income countries may be extremely unpleasant or even unsafe. These concerns over standards of foreign labor do not affect most of U. trade, which is intra-industry and carried out with other high-income countries that have labor standards similar to the United States, but it is, nonetheless, morally and economically important.
- What is free trade agreement? How is it approved?
a) Free trade is a policy by which governments do not discriminate against exports and imports. There are few or no restrictions on trade, and markets are open to both foreign and domestic supply and demand.
b) Free trade agreements are trade agreements across national borders intended to reduce or eliminate trade barriers to promote economic exchange.
c) The process of a trade agreement starts with the president entering into an agreement with trading partners before approval by Congress; though the law requires the president to consult Congress 90 days before signing the contract. The Senate must approve them with a two-thirds vote according to the Constitution. Moreover, since free trade agreements deal with a revenue stream from trade it must be passed by the House of Representatives as well.
- What are the international organizations that handles international trade agreements?
The WTO replaced the GATT in 1995. NAFTA agreement between US Canada and Mexico. EU is an economic union of 27 member countries. Mercosur is a regional trade agreement among Brazil, Argentina, Paraguay, and Uruguay in 1991. 1994 Treaty of Ouro Preto between Bolivia, Chile, Columbia, Ecuador, Peru and Venezuela. ASEAN- 10 countries in Southeast Asia in 1967, committed to free trade in region, aims to accelerate economic growth, social progress, cultural development among its members and peace.
b) Infant industries. Economic markets are inherently competitive, and newer economies are highly vulnerable to their more developed counterparts in other countries for a variety of reasons. The infant industry argument is that new industries need protection until they have become efficient enough to compete in the world market. In other words, such industries are to be protected until they can achieve economies of scale and/or economies of scope.
c) Antidumping policies are directed at international players who undercut domestic businesses through selling at below market prices. Underselling can be a substantial threat, particularly from economies where labor laws are lax and workers are exploited to create extremely low-cost goods. Governments can provide subsidies to reduce costs for domestic companies. This can also be a threat in infant industries where larger and more established players can push out smaller players via undercutting prices, thereby absorbing losses until the competition goes bankrupt.
d) Tariffs are taxes on imported goods and services. Protective tariffs protect domestic industry from foreign markets.
e) Countries use quotas, subsidies to domestic producers, mergers, acquisitions, and market dominance to protect domestic producers against international competition.
f) Health and Safety. One of the functions of government in most countries is to oversee the safety of products, both generally and more specifically in terms of health risks. In the United States, the Food and Drug Administration certifies factories and food processing, as well as oversees the approval of pharmaceuticals. Japan imports most of its food and, therefore, require high health and safety standards (phytosanitary).
Module 4: Relationships, Foreign Investment, and Trade (Lesson 14-20)
- Define and compare portfolio investment and foreign direct investment.
a) Foreign direct investment, or FDI, involves the acquisition of foreign assets with the intent to control and manage them. Companies can make FDIs in several ways, by investing in companies, new property, facilities, and equipment; or participating in some type of partnership with a foreign company. FDI is primarily a long-term strategy.
b) By comparison, portfolio investment, in the context of global business, involves purchasing stocks in a foreign business. The portfolio investor is eligible to receive dividend payments, participate in all decisions usually by voting at shareholder meetings, and sell the stock at any time for a profit or at a loss.
Here, the intent of the investor is not management or control over the company’s day to day operation. This is not necessarily a long-term strategy as the investor is able to sell the stocks anytime.
- Identify the reason and strategies that governments restrict or promote FDI.
In most instances, governments seek to limit or control FDI to protect local industries and critical resources (namely natural resources such as petroleum and minerals), preserve the national and local culture, protect segments of the domestic population, maintain political and economic independence, and manage or control economic growth—seek sustainable economic development. Simultaneously, host country governments also seek to expand the domestic economy and attract new technologies, business knowledge, and capital. A government uses various policies and rules:
a) Host governments can specify ownership restrictions if they want to keep control of local markets or industries in their citizens' hands.
b) A company's home government can impose tax rates and a sanction to persuade companies to invest in the domestic market rather than a foreign one.
c) Foreign investors may be required to purchase a certain percentage of intermediate goods from the host countries.
d) Nationalization of critical industries such as the petroleum (eg. Venezuela—micropolitical risk).
e) Host countries offer businesses a combination of tax incentives and loans to invest. Home-country governments may also provide a combination of insurance, loans, and tax breaks to promote their companies' overseas investments. International investment agreements (such as WTO rules) ensure that foreign investors are treated in a fair, equal manner to their domestic counterparts.
f) Host governments develop and modernize local infrastructure—energy, transportation, and communications—to encourage specific industries to invest. This also serves to improve the local conditions for domestic firms. The World Bank provides financing for such infrastructure development.
g) Host-country governments reduce bureaucracy and regulatory burdens to appear more attractive to foreign firms.
h) Countries seek to improve their workforce through education and job training. An educated and skilled workforce is an important investment criterion for many global businesses.
i) Host-country governments seek to reassure businesses that the local operating conditions are stable, transparent (i., policies are clearly stated and in the public domain), and unlikely to change.
D080 FVC1, Version 2 Study Guide Answers
Course: Global Business (ECON 3600)
University: Western Governors University
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